In an announcement on Tuesday, Freddie Mac named Sara Mathew, who currently chairs the board's audit committee as the new non-executive chair of its Board of Directors. Mathew will take up her new role in February 2019, succeeding Christopher S. Lynch, who will retire, both as Board Chair and as a Director. This is in compliance with the company’s ten-year limit for the board tenure, the release stated.
In addition to chairing the audit committee, Mathew served as a member of the Executive and Nominating & Governance Committees most recently. She joined Freddie Mac board in 2013.
“Sara’s long and distinguished career as an executive leader in the financial services industry and her deep knowledge of Freddie Mac’s operations make her uniquely qualified to serve as the next Board chair. The Board will benefit tremendously from her experience and insights,” said Lynch.
A longtime corporate executive with global financial and management experience, Mathew retired as chair and CEO of Dun & Bradstreet Corporation in 2013. In her tenure of 12 years, Mathew served as president, chief operating officer, and chief financial officer. Mathew’s prior experience also includes finance and management positions at The Procter & Gamble Corporation. She is currently a member of the Board of Directors of the Campbell Soup Company, Inc. and State Street Corporation.
Speaking of Lynch’s service at Freddie Mac, Donald H. Layton, CEO and member of the board said, “Chris Lynch came to Freddie Mac just after we entered government conservatorship—at a very difficult time for the company and the housing market. In the decade that followed, and particularly after becoming Board Chair in 2011, he was a tireless advocate for implementing board governance best practices and engaging with management to transform the company into a more efficient, more innovative and customer-centric organization.”
Layton also noted that Lynch’s efforts were instrumental in making the company and the housing finance system stronger, more stable and better positioned for the future. “We are grateful for his leadership and exceptional contribution to Freddie Mac,” Layton said.
Lynch joined Freddie Mac’s Board in December 2008 and has served as non-executive chair since 2011. He is a former chair of the Board’s Audit Committee. He retired from KPMG, LLP in 2007 after a long career with the company, most recently as national partner in charge of Financial Services. He is also a member of the board of directors of American International Group, an Advisory Board member of the Stanford Institute for Economic Policy Research and a member of the National Audit Committee Chair Advisory Council of the National Association of Corporate Directors.